Friday, February 23

Tag: Digital lending

LoanTap Raises $12 Million in Funding Round
FUNDING

LoanTap Raises $12 Million in Funding Round

Digital lending firm LoanTap raises $12 million in series-B funding round, led by Avaana Capital. The current round also saw participation from existing investors, 3one4 Capital, India Quotient, Shunwei Capital and KaeCapital, a statement said. The platform offers customised personal loans such as rental deposit loan and holiday loan to white-collared salaried professionals in India. "LoanTap has created a strong technology backbone which offers a superior customer experience. We tripled our loan book last year and the current round of funding will further fuel this growth," LoanTap Chief Executive Officer and co-founder Satyam Kumar said. The firm claims to have turned profitable within two years of operations. With this round of funding, LoanTap has raised a total of USD...
Indifi raises $21 million in Series C funding
FUNDING

Indifi raises $21 million in Series C funding

Indifi Technologies, a Gurugram-based SME lending company raises $21 million in its series C funding round from the CDC Group, along with existing investors such as Accel India, Omidyar Network, Fair Finance Fund, and Elevar Equity, according to data sourced from the Registrar of Companies. Indifi was co-founded in 2015 by Alok Mittal and Siddharth Mahanot and is mostly engaged in lending to small and medium enterprises. The company works to digitize the lending processes of these small businesses. In 2016, it had closed its series B round when Omidyar Network led the process to invest $10 million in the company. As per details filed with the ROC, Indifi has received Rs 100 crore from the CDC Group, followed by 23 crores from Accel India, and Omidyar Network and Fair Finance Fund...
Biz2Credit raises $52 Million from WestBridge Capital
FUNDING

Biz2Credit raises $52 Million from WestBridge Capital

New Delhi, 10th June 2019: Biz2Credit Inc, the leading online lending platform that helps banks and other financial institutions manage small and medium enterprises (SMEs) lending processes and makes it easier and faster for SMEs to access working capital, announced that it has completed a Series B capital financing round of $52 million led by WestBridge Capital. This is the second round of equity financing for Biz2Credit; the company was initially funded by Nexus Venture Partners.The funds will be deployed to drive further growth in Biz2Credit’s marketplace lending business and support the continued expansion of Biz2X, the company’s state-of-the-art digital lending platform, through SaaS partnerships with global financial institutions. With live deployments of the Biz2X Platform in four ...
Digital Lending in India Expected to Grow to $100 Billion by 2023
INDIA

Digital Lending in India Expected to Grow to $100 Billion by 2023

A joint study by Omidyar Network and Boston Consulting Group (BCG) has reported that digital lending to micro, small and medium enterprises (MSME) in India can grow upto 7 lakh crore by 2023, a 15x increase in annual disbursements. “As of 2018, most of the credit demand for $600 billion is being met through informal sources,” said Roopa Kudva, partner and managing director, India at Omidyar Network. “Digital lending has the potential to propel the productivity of India’s MSMEs, disrupt the status quo in financial services, and offer a meaningful market opportunity for both innovative startups as well as traditional lenders,” he added. India’s 60 million MSMEs - businesses with annual revenue up to Rs. 250 crore (approximately $35 million) –make an enormous contribution both to India’s...
Digital lending platform Neogrowth Raised Rs 300 crore
FUNDING

Digital lending platform Neogrowth Raised Rs 300 crore

Digital lending platform Neogrowth today said it has raised Rs 300 crore funding in a round led by Leapfrog Investments by selling an undisclosed stake. Existing investors including Aspada Investment Company and Quona Capital, through Accion Frontier Inclusion Fund, also participated in the round. The company, founded in 2012, is focused on lending to the small business segment and has now expanded its presence to 21 cities across the country. "India's digital lending space is experiencing massive growth, providing unprecedented opportunity for Neogrowth to apply its pioneering technology approach to enable loans for a rapidly expanding small business merchant segment," co-founder Piyush Khaitan said. Avendus Capital, the deal advisor, said 85 per cent of small businesses in the retai...